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United Kingdom (UK) Financial Advisors 2023

Publisher GlobalData
Published Mar 27, 2024
Length 41 Pages
SKU # GBDT18714138

Description

United Kingdom (UK) Financial Advisors 2023


Summary

This report discusses the key trends shaping the UK's financial and investment advice space over the course of 2023 and beyond. It covers the size and growth of the financial advice market (including profitability), merger and acquisition activity, as well as the key threats and opportunities cited by advisors. The report also discusses how market trends such ESG, artificial intelligence, and regulation will shape the sector in the future.

The UK’s financial advice market is undergoing a period of change and evolution. The composition of the market is changing amid an ongoing wave of consolidation thanks to ready sellers and willing buyers. Single advisor firms still dominate the market, but the average number of advisors per firm keeps ticking up, indicating a shift towards medium-sized and large outfits. Financial advisors play an important role in serving retired individuals and those approaching retirement. However, the enduring challenge lies in closing the advice gap, as less than 10% of consumers have accessed regulated financial advice.

Scope
  • The number of financial advice firms fell by 1.1% in 2022, with 56 fewer firms in the market compared to 2021. Conversely, the number of financial advisors increased by 1.4%.
  • 2023 saw a record number of acquisitions in the advice sector, with over 102 deals recorded. The key drivers for business sales are retirement and the support of a large business.
  • 24.8% of investors stated that financial advisors were their preferred channel for arranging investments. 33% of these investors were aged over 65.
  • Fewer investors are considering environmental, social, and governance (ESG) factors when investing compared to 2021–22. However, the introduction of new Sustainability Disclosure Requirements should boost confidence in the industry.
Reasons to Buy
  • Understand the latest data on the size and composition of the UK financial advice market
  • Find out about the latest M&A deals in the consolidating financial advice space
  • Learn who uses financial advisors and what their motivations are for doing so
  • Discover the key trends and themes affecting the financial advice industry
  • Understand the current regulatory challenges that financial advisors are facing
  • Learn more about how advisors can prepare for The Great Wealth Transfer
  • Uncover the opportunities offered by ESG investing and the productivity gains of generative AI

Table of Contents

41 Pages
    • Market overview
    • Key finding
    • Critical success factors
    • The number of advice firms fell by 1.1% in 2022
    • Consolidation is changing the structure of the market
    • Average revenues and profits grew in 2022
    • IFAs are the go-to channel for investments
    • Financial advice is only reaching a small proportion of consumers
    • A lackluster economy, high inflation, and weak financial markets make for a challenging backdrop
    • Regulation: Consumer Duty has dominated the agenda, but attention now turns to AGBR
    • New regulations should boost confidence in ESG investing
    • Growth in the over-65 population and intergenerational wealth transfer are key opportunities for financial advisors
    • Generative AI introduces a new way of working
    • Abbreviations, acronyms, and initialisms
    • Definitions
    • Methodology
    • Secondary sources
    • Further reading
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